31
31
tv
eye 31
favorite 0
quote 1
m.f. global's front line regulator they've said m.f. global misused customer money flat out and the head of the c.m.e. has now testifies saying john kors i knew of the firm used customer money and today now we see john corps i'm back on the hill he has a new defense he said the back office staff explicitly informed him that funds transferred before the company filed for bankruptcy were legal here's excuse the back office in chicago explicitly confirmed to me that the funds were properly transferred and i understood that j.p. morgan chase was satisfied since they executed billions of trades billions of dollars with m.f. global. so more and more is coming out and how much has changed from a week ago when john kors i was basically pleading the fifth without pleading the fifth listen to this i simply do not know where the money is or why the accounts it's not been reconciled today. so so much more has come out but the big question of course actually several of them will customers get their money back how did this happen and what does this s
m.f. global's front line regulator they've said m.f. global misused customer money flat out and the head of the c.m.e. has now testifies saying john kors i knew of the firm used customer money and today now we see john corps i'm back on the hill he has a new defense he said the back office staff explicitly informed him that funds transferred before the company filed for bankruptcy were legal here's excuse the back office in chicago explicitly confirmed to me that the funds were properly...
30
30
tv
eye 30
favorite 0
quote 0
global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing trouble for a lot of ranchers and farmers they were major clients of m.f. global buying futures contracts to hedge against swings in the value of their crops and livestock that's why to risk he says it's the opposite of gambling it was actually being more prudent in protecting his income so here that n.p.r. asked how do you feel about investing in the futures market now or i have no problems whatsoever you know and i don't see how anybody could because basically what i openly it is that i had a segregated account with m.f. global they were the brokerage with the stroke of a computer to somebody you know and more money for cyberspace or more and i have no problem going to do i couldn't have it any other brokerage. were missing and i had a hedge account to protect my prices i didn't want to invest in european sarvant i didn't want to invest in m.f. global or have no can do with their business they just store more money that's
global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing trouble for a lot of ranchers and farmers they were major clients of m.f. global buying futures contracts to hedge against swings in the value of their crops and livestock that's why to risk he says it's the opposite of gambling it was actually being more prudent in protecting his income so here that n.p.r. asked how do you feel about investing in the futures market now or i have no problems whatsoever...
29
29
tv
eye 29
favorite 0
quote 0
global mis used and so if this is all going on on regulated exchanges which everything is supposed to be moving towards we have a lot larger problems at these exchanges themselves are not safe but at some point you know you have to start somewhere because i think that you have to do a look at the regulations are they are in place you're going to have to fix them but do you just let the derivatives market continue to be regulated because the regulations aren't working properly do you wait it out until you really have you know the proper rules into place or what's the solution do you think in the meantime well you know that's a really good question we can point to plenty of the problems but what really is the solution it depends on where you think this is really really coming from i think a lot will come out of this m.f. global investigation where we'll see kind of where the problems lie and be easy to say ok you know this is. kind of the crony capitalism that we see which poor design former head of goldman sachs and you know head of this having worked with him at goldman sachs it's eas
global mis used and so if this is all going on on regulated exchanges which everything is supposed to be moving towards we have a lot larger problems at these exchanges themselves are not safe but at some point you know you have to start somewhere because i think that you have to do a look at the regulations are they are in place you're going to have to fix them but do you just let the derivatives market continue to be regulated because the regulations aren't working properly do you wait it out...
26
26
tv
eye 26
favorite 0
quote 0
rule is of course in the wake of m.f. global's collapse where it's suspected junk or resign who was in charge was betting with client money one point two billion dollars of that money is believed to be missing now this c a t c wanted to vote on this sooner but they didn't because as i told you last week it was reportedly because of heavy lobbying from none other than john corazon when he was head of m.f. global and before all of this went down the vice president was talking about going to court for policy advice him and the president so how can we believe politicians are regulators when they say that they aim to regulate the very people that they are advising them on policy that are inviting them on policy economist dean baker is back with us to help us figure that out maybe some better solutions so first i want to ask you is this video that i'm going to play kind of sums up the problem with regulations in the u.s. to control that. i literally picked up the phone and called john kors i can see john what do you think we sh
rule is of course in the wake of m.f. global's collapse where it's suspected junk or resign who was in charge was betting with client money one point two billion dollars of that money is believed to be missing now this c a t c wanted to vote on this sooner but they didn't because as i told you last week it was reportedly because of heavy lobbying from none other than john corazon when he was head of m.f. global and before all of this went down the vice president was talking about going to court...
26
26
tv
eye 26
favorite 0
quote 0
manager is in the business of shuffling around counterfeit money whether it's euros or dollars or in the m.f. global scandal where they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee that's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwins calls with twitter posts featuring the phrase hash tag let alec play so this looks like it's going to be good for their i.p.o. it might now be revalued a little bit higher but i want to move on to another recent i.p.o. in the tech space in this group on groupon allegedly hacked merchants e-mail to alter contract so a federal class action lawsuit in the united states alleges groupon altered one of its merchants contracts by gaining unauthorized access to the merchants stored e-mail the suit filed by household construction and repair website bid my crib claims groupon sarap tisha slee change the contract
manager is in the business of shuffling around counterfeit money whether it's euros or dollars or in the m.f. global scandal where they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee that's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwins...
24
24
tv
eye 24
favorite 0
quote 0
morgan which is presumed to be m.f. global's but j.p. morgan apparently credit deal with the trustee saying that they could have to catch it and if global granted j.p. morgan alina all of the company's assets right so to. if you are going is cutting deals outside of the legal framework what's also amazing is that the silver that was in the m.f. global collectively all their one hundred forty thousand accounts that the quantity of silver disappeared from all those accounts but now magically has appeared on j.p. morgan's balance sheet as you know they're massively short so where they've been scrambling for a way to cover their short position rumor has it that just a few weeks ago was about to be busted and j.p. morgan technically had to go bankrupt so what did they do to prevent going bankrupt i've always said j.p. morgan like enron one day to wake up it'll be worth zero in order to stop that from happening two weeks ago as it almost did two weeks ago zero j.p. morgan stock price they wanted to m.f. global accounts one hundred forty thousa
morgan which is presumed to be m.f. global's but j.p. morgan apparently credit deal with the trustee saying that they could have to catch it and if global granted j.p. morgan alina all of the company's assets right so to. if you are going is cutting deals outside of the legal framework what's also amazing is that the silver that was in the m.f. global collectively all their one hundred forty thousand accounts that the quantity of silver disappeared from all those accounts but now magically has...
24
24
tv
eye 24
favorite 0
quote 0
have struck the m.f. global junk or seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're taking wealth they're seizing wealth a comment that came in by a tweet from my car key looking back in two thousand and eleven of the reports he said the most memorable moment for him was max screaming at the top of his lungs for jamie diamond cuffs has been my most memorable moment hair raising let's turn to a little clip of that what i can tell it but there are just so alas that jerry died in a car now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so it was a good thing you know so much for wall street
have struck the m.f. global junk or seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're taking wealth they're seizing wealth a comment...
24
24
quote
eye 24
favorite 0
quote 1
and get to the bottom of this because there's a lot at stake for everyone a lot more than just the m.f. global customers that are asking if they're going to get their money back mr denninger it's nice to see you of course we have john corps i'm back on the hill today and this is the first time we've had in your after the had the c.m.e. said john kors i knew customer money was used and now he's saying ok maybe i did but i was told that this was completely legal to transfer this money by my back office i guess the big question for you karl denninger how could this be legal. i don't know how it's legal. i'm not a securities attorney i'm just a trader writer and a journalist and what i do from what i understand it customer funds are just never supposed to be co-mingled like this so how do we get from i don't know where the
and get to the bottom of this because there's a lot at stake for everyone a lot more than just the m.f. global customers that are asking if they're going to get their money back mr denninger it's nice to see you of course we have john corps i'm back on the hill today and this is the first time we've had in your after the had the c.m.e. said john kors i knew customer money was used and now he's saying ok maybe i did but i was told that this was completely legal to transfer this money by my back...
24
24
tv
eye 24
favorite 0
quote 0
so glad we got the opportunity to respond to it now one you two viewer responded with his theory on m.f. global and golden said man i keep hearing the same problems and the same analysis but what is the endgame here why would these firms collapse like this why no regulation i say follow the money they want to destroy the national currencies and create a gold backed dollar why can't anyone see this it's so obvious course sign is not adult i'm going to follow the yellow brick road because we all know there is a little weasel banker hiding in the emerald palace dorthy keep stacking gold and silver bowl ya know we really appreciate that colorful assessment and theory now this remember was an allegory for gold. no no no. i mean i mean i'm here. and for our view to viewer if your theory pays off you may have the money to purchase a pair of ruby slippers from the wizard of oz because they are reportedly expecting to sell today for over two million bucks now the slippers remember when allegory for silver silver was what they were in the book they were of course made ruby for the movie and befor
so glad we got the opportunity to respond to it now one you two viewer responded with his theory on m.f. global and golden said man i keep hearing the same problems and the same analysis but what is the endgame here why would these firms collapse like this why no regulation i say follow the money they want to destroy the national currencies and create a gold backed dollar why can't anyone see this it's so obvious course sign is not adult i'm going to follow the yellow brick road because we all...
23
23
tv
eye 23
favorite 0
quote 0
you know the thing about m.f. global when i saw the story initially i thought well here's another problem that's going to affect. the hedge funds and everybody else it's a little too deep in in leveraged derivatives and it turned out that a whole bunch of my friends were snared in m.f. global too i was talking to a rare american friend of mine who lives in france and trades and his account just like gerald solent a for one his account has been frozen and he says they know where the money is but it's odd that it's just being sort of kept in some sort of escrow there but it shows you ultimately hell fragile the network is that allows me and everybody else to trade right on up to the level of scarily large hedge funds but the m.f. is going to it looks like it's going to take a lot of retail guys with it and the problem you know it's looks like they'll get their money back but not everybody can wait six months or a year or however long it takes a while confidence in the system is shaken and the system runs on confiden
you know the thing about m.f. global when i saw the story initially i thought well here's another problem that's going to affect. the hedge funds and everybody else it's a little too deep in in leveraged derivatives and it turned out that a whole bunch of my friends were snared in m.f. global too i was talking to a rare american friend of mine who lives in france and trades and his account just like gerald solent a for one his account has been frozen and he says they know where the money is but...
23
23
tv
eye 23
favorite 0
quote 0
so m.f. global holdings ltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate. whose company is and locals regulator a principal exchange is the one and said this yes well it's becoming clear stacy herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any money in the bank all of the protections for anyone who's putting money in any of these banks or brokerage firms are now gone they're a blitter rated thanks to all the deregulation of the last ten years orchestrated by criminals like john corazon but mass the important bit about this testimony from duffy is that john corey's mind had only testify earlier that day that he knew nothing about global taking segregated funds right they caught him lying under oath now typical a this would mean that there is some kind of
so m.f. global holdings ltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate. whose company is and locals regulator a principal exchange is the one and said this yes well it's becoming clear stacy herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any money in the...
23
23
tv
eye 23
favorite 0
quote 0
regarding the jobs now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so i'll be able to say you know so much the wall street park and we're not on wall street making millions because i see what's coming. it's not good i don't want to end up like jamie diamond ok this is jamie dunham after the mob gets through with. but speaking of jamie di win here is an image that was a hit this year and from the kaiser report and this is jamie diamond in the virgin blue i have this kind of fits in with the theme of a christmas eve show that's the wicked witch blith masters who invented or created or spawned from a corrupt lawyer the credit default swap machinations that allowed for the u.k. to become the debt capital of the g. twenty it's all goes back to blith and her wicked witch ways well it also goes back to the city of london and that's been a big theme this year as well because without the city of london allowing infinite paf the cation m.f. global would not have collapse without the city of wondering who la
regarding the jobs now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so i'll be able to say you know so much the wall street park and we're not on wall street making millions because i see what's coming. it's not good i don't want to end up like jamie diamond ok this is jamie dunham after the mob gets through with. but speaking of jamie di win here is an image that was a hit this year and from the kaiser report and this is jamie diamond...
23
23
tv
eye 23
favorite 0
quote 0
global the john corps seen billion dollar scandal went through london ai g. multi billion dollar standalone went through london the lehman brothers scandal went through london it is the world's capital fraud david cameron knows that that's who pays for his reelection campaigns he's financed by bank fraud that's who he protects now he wants the world to finance the city of london while at the same time he's not going to participate in the overall euro project that's not going to work this is his death sentence this is a suicide move by cameron and this will finish is his prime ministership what about trying to put a brave face on it saying the summit is a breakthrough which she says will lead to stability will it well there this seventeen nations in the early zone are sitting on ten thousand tons of gold which is the most important thing going forward as this crisis continues the u.k. has three hundred tons of gold i gather there they're going to a gunfight with a knife cameron either is stupid or incompetent or all of the above what about this story the wall
global the john corps seen billion dollar scandal went through london ai g. multi billion dollar standalone went through london the lehman brothers scandal went through london it is the world's capital fraud david cameron knows that that's who pays for his reelection campaigns he's financed by bank fraud that's who he protects now he wants the world to finance the city of london while at the same time he's not going to participate in the overall euro project that's not going to work this is his...
22
22
tv
eye 22
favorite 0
quote 0
of goldman sachs before taking the reins at m.f. global and being at the helm as m.f. global disclose more than six billion dollars on european sovereign debt a bet that went bad a capital shortfall they went bankrupt and client money went missing i wonder though how this all sits with customers who've had their accounts frozen well let's catch up with gerald celente and see what's happening with his money he's founder of trance research institute and publisher of the trends journal but if you recall he made a rather large splash when he came on our show in november on the fourteenth and told us how he got a phone call and found out that six figures according to him of his money in an account with lin waldock was with a trustee for m.f. global and he couldn't get any answers and he certainly couldn't get his money gerald welcome back to the show it's so nice to see you of course now we've seen a lot more heard some more from m.f. global former exacts so i don't know how much that really comforts someone like you one point two billion dollars of course is the estimate o
of goldman sachs before taking the reins at m.f. global and being at the helm as m.f. global disclose more than six billion dollars on european sovereign debt a bet that went bad a capital shortfall they went bankrupt and client money went missing i wonder though how this all sits with customers who've had their accounts frozen well let's catch up with gerald celente and see what's happening with his money he's founder of trance research institute and publisher of the trends journal but if you...
22
22
tv
eye 22
favorite 0
quote 0
global declared bankruptcy after making bad bets on european sovereign debt ok m.f. global was betting on european bailouts now as the senate is investigating how and why m.f. global collapsed possibly taking customers money with it held a hearing today we asked is this financial firm just the first casualty of the eurozone crisis also with reports of poor oversight are we sure to see more of this senators pressed m.f. global regulators today drawing a goldman sachs connection between both the regulator and the head of the firm john or resign also a report came out from the securities and exchange commission watchdog today it says agency staffers discovered massive fraud by a hedge fund manager but never followed now that manager interestingly was listed as one of the talked one hundred five people responsible for the two thousand and eight financial crisis according to time magazine so here to help us figure out where we're really going to see this fallout is entrepreneurial investor and independent analyst middleton he's author of the popular boom bust blog as many
global declared bankruptcy after making bad bets on european sovereign debt ok m.f. global was betting on european bailouts now as the senate is investigating how and why m.f. global collapsed possibly taking customers money with it held a hearing today we asked is this financial firm just the first casualty of the eurozone crisis also with reports of poor oversight are we sure to see more of this senators pressed m.f. global regulators today drawing a goldman sachs connection between both the...
22
22
tv
eye 22
favorite 0
quote 0
two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually leave you with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way it's done anymore banks have zero in deposits they've all put their deposits outside of their balance sheet because it's considered too much of a liability and they just make loans and dodginess lee from nowhere and they create a ponzi scheme of multiple layers of debt but now the new stage is to go even deeper with this really hypothecation scam and we see this is just the morgan not only deal they don't have any reserves that they're not placing any in reserve collateral to make loans but they're just stealing people's money out of their accounts as collateral to make loans off their balan
two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually leave you with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the...
21
21
tv
eye 21
favorite 0
quote 0
morgan stock price they wanted to m.f. global accounts one hundred forty thousand of them they took this over another commodities and just stole them that's their that's their response to their criminality and why they got away with it for national security there was a brief headline that they might possibly face consequences i don't think it's real but this is from zero hedge j.p. morgan stop breaks down on news companies roll as if little lender to be productive so they post a picture of a bloomberg headline morgan actions as a last lender likely to be proof says liquidator and as you see this is a nice chart of the players and j.p. morgan share price but the liquidator of the endless global brokerage said that certain actions of j.p. morgan a lender to the brokers parents are likely to be the subject of investigation but max if you look at the stock chart it's felt less than three percent whereas goldman sachs fell over three percent at the same time so i think it's more an issue it's just the global financial system me
morgan stock price they wanted to m.f. global accounts one hundred forty thousand of them they took this over another commodities and just stole them that's their that's their response to their criminality and why they got away with it for national security there was a brief headline that they might possibly face consequences i don't think it's real but this is from zero hedge j.p. morgan stop breaks down on news companies roll as if little lender to be productive so they post a picture of a...
21
21
tv
eye 21
favorite 0
quote 0
of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific bars of gold or silver. and hold warehouse receipts to prove it they'll have to forfeit twenty eight percent of the value to me this is the same thing as a run on the comics but it's the same thing and let me break it to global audience there's been a run of the comics they don't have the inventory in new york to satisfy the claims . they don't got it therefore so facto gold and silver are in demand above and beyond what can be delivered by the market this market is. max i have exclusive footage here from outside the cone next to some m.f. global customers as some see they're very. i think that's from north korea very similar looking at footage actually from outside the comix these are v
of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific bars of gold or silver. and hold warehouse receipts to prove it they'll have to forfeit twenty eight percent of the value to me this is the same thing as a run on the...
21
21
tv
eye 21
favorite 0
quote 0
global customers and see their various. ways i think that's from north korea very similar looking at footage actually from outside the comix these are very upset customers the global especially those that own gold and silver bullion on one of them is john breaux a partner in b.t.r. trading a chicago futures trading firm he says where house receipts like gold bars are our property one hundred percent we are a unique class and instead the trustee is doing a radical redistribution of property well the warehouse receipts are just fictitious claims on nonexistent bully on the same thing and a lot of bling market association in london there are one hundred ounces for every one that they supposedly have in storage has been loaned out or margin or hypothecated profit created a really really really high profit gated is just up there it's all fantasy accounting the gold and silver is not in these word house or sylvie's if you think you all this gold and silver you're going to get a paper claymore of dollars that are becoming increasi
global customers and see their various. ways i think that's from north korea very similar looking at footage actually from outside the comix these are very upset customers the global especially those that own gold and silver bullion on one of them is john breaux a partner in b.t.r. trading a chicago futures trading firm he says where house receipts like gold bars are our property one hundred percent we are a unique class and instead the trustee is doing a radical redistribution of property well...
21
21
tv
eye 21
favorite 0
quote 0
and this is what could really be the major fallout we see from the euro zone crisis m.f. global could just be the tip of the iceberg laurin well we'll look forward to that definitely tune in for the council account with lauren lyster coming up next well that does appear now for more of the stories we covered go to our team dot com slash usa and check out our new to page with you through dot com flashcard to america you can also follow me on twitter at live wall the capital account with our listener is up next. i passed. more news today violence is once again flared up. these are the images the world has been seeing from the streets of chatter that. giant corporations are all day.
and this is what could really be the major fallout we see from the euro zone crisis m.f. global could just be the tip of the iceberg laurin well we'll look forward to that definitely tune in for the council account with lauren lyster coming up next well that does appear now for more of the stories we covered go to our team dot com slash usa and check out our new to page with you through dot com flashcard to america you can also follow me on twitter at live wall the capital account with our...
20
20
tv
eye 20
favorite 0
quote 0
global case the head of the c f.t.c. m.f. global's regulator has recused himself from m.f. global's probe why because he worked with john for a zine goldman sachs this is the same c f.t.c. that delayed voting earlier this year on an m.f. global rule because of heavy lobbying from joy and john are we seeing the power of the squid here let's get to today's capital account. the m.f. global saga of bankruptcy missing money and possible fraud and corruption is the latest huge red flag hitting us in the face that wall street really has not been reined in since the financial crisis and today was kind of the culmination of a lot of anticipation we finally heard from john corazon the former c.e.o. of m.f. global on the hill now we have been covering this pretty much every day on capital account but i want to give everyone a refresher to put this all in context so first let's recall who exactly junk or resign is and where he comes from c.e.o. of goldman sachs from ninety four to ninety nine he went on to be u.s. senator for new jersey two thousand and one to two thousand and six then
global case the head of the c f.t.c. m.f. global's regulator has recused himself from m.f. global's probe why because he worked with john for a zine goldman sachs this is the same c f.t.c. that delayed voting earlier this year on an m.f. global rule because of heavy lobbying from joy and john are we seeing the power of the squid here let's get to today's capital account. the m.f. global saga of bankruptcy missing money and possible fraud and corruption is the latest huge red flag hitting us in...
20
20
tv
eye 20
favorite 0
quote 0
global. all of these things are financial firms in the real distinction is financial firms in the old days people thought it was essential whether they had deposit insurance and supposedly we were only on the hook if we had deposit insurance you've seen that that was no longer true with the investment banks that had no deposit insurance so this whole stealth of banking system dish shadow banking system is actually much bigger than the financial system and mother way it isn't just republicans the finance industry is the leading political contributor to both of the major parties in the united states and neither party has been willing to bring prosecutions of any of the only bankers. that is a very very through point there now how do you think they're responding to this. federal investigation of lives. now we have this and that global rule that's been passed by regulators it's a little bit of a faster response than we saw with the financial crisis. it is and it's the important thing that you can
global. all of these things are financial firms in the real distinction is financial firms in the old days people thought it was essential whether they had deposit insurance and supposedly we were only on the hook if we had deposit insurance you've seen that that was no longer true with the investment banks that had no deposit insurance so this whole stealth of banking system dish shadow banking system is actually much bigger than the financial system and mother way it isn't just republicans...
19
19
tv
eye 19
favorite 0
quote 0
morgan is a creditor of m.f. global and they're going to push to get settled on any of their accounts that are own money and had these customers as not also some have bad methods to the retail banking customer out there the real question max is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c.m.e. calls these if you go to the web page and you look at the margin deposits that are required to trade contracts they actually call them performance bonds so if they are performance bonds then they should be held separately there should be an escrow function and there is supposed to be a fiduciary responsibility it's like a positing escrow money for real estate transaction with a czerny it's supposed to go into a segregated account if that in fact has been violated. during the evidence certainly that it has then essentially when you are treating with somebody you are using them as a broker you are for all intents and purpos
morgan is a creditor of m.f. global and they're going to push to get settled on any of their accounts that are own money and had these customers as not also some have bad methods to the retail banking customer out there the real question max is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c.m.e. calls these if you go to the web page and you look at the margin deposits that are required to trade...
18
18
tv
eye 18
favorite 0
quote 0
global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy court or trustees the third issue centers on j.p. morgan seeking special favors from the federal reserve to receive priority treatment over investor segregated fund accounts jamie's dirty. give a spanking. max this is important it's more than just that mean it is as absurd as that but it is a fact that earlier this year we saw this little clip i'm going to turn to here where jamie diamond stood up and spoke to ben bernanke you braided ben bernanke saying oh you know we've done this list the list five things that the the industry has done to make the financial system more sound look at ben bernanke is face as he like ecstasy looking at jamie diamond speaking to me that list you gave me pretty good there for well we. should like we're getting a lot done that's a great. well. spent bernanke is like looking at this little baby there you
global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy court or trustees the third issue centers on j.p. morgan seeking special favors from the federal reserve to receive priority treatment over investor segregated fund accounts jamie's dirty. give a spanking. max this is important it's more than just that...
18
18
tv
eye 18
favorite 0
quote 1
global and m.f. global fall in a nutshell m.f. global was using excessive leverage stemming from cation to happen occasionally securities basically they took client securities and used it as collateral against their own very risky bets against european debt. these bets were all multiples of the equity and of course as soon as things started going to get to them they were getting margin calls the whole policy collapsed and one point two billion dollars and counting money has been missing this level of leverage is totally out of balance sheet ok not visible available to investors and is not just. brothers did it goldman sachs is doing it j.p. morgan is doing it and they're doing it with more than two or three dollars of i'm not mistaken the exposure to goldman sachs is about fifty one billion twenty seven fifty one billion j.p. morgan is doing it to the chairman of seven hundred billion over one hundred billion this level of leverage combined with the fact that you have c.d.'s that may have a claim i mean i have a claim combined wit
global and m.f. global fall in a nutshell m.f. global was using excessive leverage stemming from cation to happen occasionally securities basically they took client securities and used it as collateral against their own very risky bets against european debt. these bets were all multiples of the equity and of course as soon as things started going to get to them they were getting margin calls the whole policy collapsed and one point two billion dollars and counting money has been missing this...
18
18
tv
eye 18
favorite 0
quote 0
of m.f. global's customers with segregated trading accounts where their money was lost has thrown the entire premise of the having such regulated markets into question since one of the major point of paying the premium to run transactions through an exchange is to mitigate if not eliminate counter party risk and that is a futures exchange. now still ahead do not go away two thousand and twelve is on its way and you know what that means yet the end of the world has stereo will tell you how some companies are cashing in on it first their closing market numbers. you just put a picture of me when i was like nine years old on to tell the truth. i have a confession i am a total ghetto princess i love grabbing hip hop music and tricks. but it was kind of a yesterday. i'm very proud of the world without you it's a place. you don't know sometimes you see a story and it seems so you think you understand it and then you glimpse something else hears you some other part of it and realized everything you t
of m.f. global's customers with segregated trading accounts where their money was lost has thrown the entire premise of the having such regulated markets into question since one of the major point of paying the premium to run transactions through an exchange is to mitigate if not eliminate counter party risk and that is a futures exchange. now still ahead do not go away two thousand and twelve is on its way and you know what that means yet the end of the world has stereo will tell you how some...